Shiba Inu is a leading meme coin and top competitor of Dogecoin. Shiba Inu does not have a promoter like DOGE, so many crypto enthusiasts want to invest in SHIB because if it gets any promoter backup (like Elon Musk in the case of Dogecoin), the price will surge in the future. However, the truth is most meme coins rely on speculations and market news.
At the time of writing this post, SHIB has been trading around $0.000012. In January, the price of Shiba Inu surged from the support of $0.0000083, so it is a massive gain for investors in the short term.
Based on the technical indicators, candlesticks are forming in the upper Bollinger Bands, and most other indicators are bullish. However, we think the Shiba Inu price will face resistance, and you can see a profit booking for the next few weeks. So it is not the right time to invest in Shiba Inu tokens. Read our SHIB prediction to know when you should invest in the token to gain maximum profits.
Shiba Inu is still bearish in the long term; the only positive sign we can find is SHIB’s price has formed four weekly green candles. A recent candle is forming in the upper Bollinger Bands decisively, suggesting an uptrend. However, it is difficult to predict how long it will last because SHIB has maintained lower highs in the last six months.
$0.0000082 is the long-term support, and it has maintained the level for the last few months, so we could not predict it as a long-term bearish until SHIB breaks the support. On the upper side, SHIB will face resistance at around $0.0000125. We think the SHIB price will consolidate because 2023 will be volatile, so you can find a massive trend in meme coins.
Most meme coins do not have a strong fundamental, so we do not prefer meme coins for long-term investment. You can trade them for the short term if you are active on social media.
Moreover, in this volatile year, you need to pick the right trend at the right time to gain from the crypto market. If you are an experienced trader, it could be the year for you, but if you are not experienced, you should wait for the right opportunity and invest in blue-chip cryptocurrencies for long-term gain.